Moody's lifts Kennametal view to stable

Moody's Investors Service said it affirmed Kennametal Inc.'s $400 million 2.65% senior unsecured notes due 2019 at Baa3 and its $300 million 3.875% senior unsecured notes due 2022 at Baa3.

The agency also said it revised the outlook to stable from negative.

The outlook revision reflects improvement in the company's operating performance, which has resulted in lower debt leverage and higher margin.

The stable outlook also considers an expectation that key credit metrics will improve as earnings increase in the fiscal year 2018 and fiscal year 2019, Moody's said.

The ratings are supported by the company's position as a leading global supplier of tooling and engineered components, broad product, end market and geographic diversity, the agency said.

The ratings also consider its conservative financial policies and focus on debt reduction, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.